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Which of the statement/s is /are correct about the steel sector in India? a) As of 2019, India is the 3rd largest producer of steel. b) The top producer of steel in the world China, accounts for almost 50% of the steel production. c) India’s steel policy 2017 envisages a target of 300MT by 2030.

Which of the statement/s is /are correct about the steel sector in India? a) As of 2019, India is the 3rd largest producer of steel. b) The top producer of steel in the world China, accounts for almost 50% of the steel production. c) India’s steel policy 2017 envisages a target of 300MT by 2030. Correct Answer b and c only

The correct answer is b and c.

  • India is the world’s second-largest steel producer with production standing at 111.2 million tonnes (MT) in 2019.
  • China is the leader accounting for 51% of the world’s steel output.
  • The growth in the Indian steel sector has been driven by the domestic availability of raw materials such as iron ore and cost-effective labor. Consequently, the steel sector has been a major contributor to India’s manufacturing output.
  • The Indian steel industry is modern with state-of-the-art steel mills. It has always strived for continuous modernization of older plants and up-gradation to higher energy efficiency levels.
  • The Indian steel industry is classified into three categories - major producers, main producers, and secondary producers.
  • Government Initiatives :
    • The government introduced Steel Scrap Recycling Policy to reduce imports.
    • Export duty of 30% has been levied on iron ore (lumps and fines) to ensure supply to the domestic steel industry.
    • The government of India’s focus on infrastructure and restarting road projects is aiding the demand for steel. Also, further likely acceleration in rural economy and infrastructure is expected to lead to growth in demand for steel.
    • The Union Cabinet, Government of India approved the National Steel Policy (NSP) 2017, as it intends to create a globally competitive steel industry in India.
      • NSP 2017 envisage 300 million tonnes (MT) steel-making capacity and 160 kgs per capita steel consumption by 2030–31.
    • The Ministry of Steel is facilitating the setting up of an industry-driven Steel Research and Technology Mission of India (SRTMI) in association with the public and private sector steel companies to spearhead research and development activities in the iron and steel industry at an initial corpus of Rs 200 crore.

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